放松市场准入管制提高了企业投资效率吗?——基于“市场准入负面清单”试点的准自然实验  

Can Deregulation of Market Access Improve Corporate Investment Efficiency:A Quasinatural Experiment Based on the“Negative List for Market Access”Pilot Project

作　　者：王雄元[1] 徐晶 WANG Xiongyuan;XU Jing(School of Accounting,Zhongnan University of Economics and Law)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《金融研究》2022年第9期169-187,共19页Journal of Financial Research

基　　金：国家自然科学基金面上项目《企业进入、投资与全要素生产率:基于市场准入负面清单制度试点的准自然试验》(72172156)资助。

摘　　要：放松市场准入的制度改革对激发市场活力、优化营商环境,并最终促进经济高质量发展至关重要。本研究运用交错双重差分法,检验以市场准入负面清单制度为代表的市场准入制度改革能否提高企业投资效率。结果表明:(1)市场准入负面清单制度能够显著提升企业投资效率;(2)竞争公平性与充分性的提高、交易费用的降低是市场准入负面清单提高企业投资效率的重要作用机制;(3)市场准入负面清单实施后,内部治理水平较低企业的投资动机被强化,融资约束较低企业的投资能力更强,因而企业投资效率更高;(4)市场准入负面清单制度能够显著促进企业经营业绩与地区经济发展。本文从企业投资效率角度检验了市场准入负面清单制度的政策效应,为深化“放管服”改革提供了经验证据和政策启示。The negative list for market access is the main channel for relaxing market access.The Third Plenary Session of the 18CPC Central Committee proposes to implement a unified negative list system for market access.The term“negative list for market access”is repeatedly emphasized in the Chinese government’s important reports and documents,highlighting the significance of the system for maintaining the market order of fair competition and establishing fair,open,and transparent market rules.The negative list for market access refers to a document that outlines industries and fields that are prohibited or restricted to private investment by companies in China.Industries and fields that are not on the list can be equally accessed by all types of market entities according to the law.This system reduces barriers to market access and attracts more players to enter the market,resulting in competitive effects on the market.Moderate market competition is beneficial.Market efficiency can be improved by exerting competitive pressure on enterprises,reducing agency costs,and extracting enterprise inefficiency.However,excessive market competition can lead to market efficiency loss,which may motivate certain companies to prevent other enterprises from entering the market through preemption and overinvestment;ultimately,this negatively impacts market efficiency.The question here is whether the negative list for market access effectively exploits the market competition mechanism by stimulating market vitality and standardizing government behavior to improve market efficiency.The negative list for market access model is a major upgrade to the negative list governance model used in the domestic economic market.Such a system design is neither used locally nor abroad.Moreover,such a system design has strong theoretical and practical implications in the evaluation of the effects of the negative list for market access on the allocation of market resources.The direct aim of reforming market access is to improve market efficiency,and at

关 键 词：市场准入制度改革 市场准入负面清单 投资效率 

分 类 号：F275[经济管理—企业管理] D630[经济管理—国民经济]